Bill > HF499

This bill establishes a new disaster assistance grant program administered by the Iowa Finance Authority to provide financial support to homeowners whose primary residences have been damaged by natural disasters. The program creates a dedicated fund within the state treasury, which will be financed through legislative appropriations and other potential funding sources. Eligible homeowners can receive grants to cover damages that exceed their existing property insurance coverage and other state or federal disaster-related financial assistance. To qualify, the damage must be to a primary residence in Iowa and must not be fully covered by existing insurance or other aid. The Iowa Finance Authority will be responsible for developing and implementing the program's rules, including creating application procedures, forms, and administrative guidelines. A key feature of the fund is that any unspent money will not be returned to the general fund at the end of a fiscal year but will remain available for future disaster assistance, and any interest earned on the fund will be reinvested back into the fund itself. This legislation aims to provide an additional layer of financial support for Iowa residents impacted by natural disasters who may not be fully compensated through existing insurance or federal aid programs.

Budget and Finance

https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=HF499